Wednesday, September 29, 2010

Barker's Newsbites: Wednesday, September 29, 2010


In precisely one week Mary and I will be waiting impatiently for Drunk'n Ted's and Drunk'n Mary's plane to land in Ft. Lauderdale...

God bless Key West...!!!
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1 comment:

William R. Barker said...

http://online.wsj.com/article/SB10001424052748703882404575519784046288058.html?mod=WSJ_Opinion_LEADTop

During a recent press conference, President Obama blamed George W. Bush for the nation's fiscal condition. "When I walked in," he declared, "wrapped in a nice bow was a $1.3 trillion deficit sitting right there on my doorstep."

Earlier this year [Obama] asserted that "we came in with $8 trillion worth of debt over the next decade."

Neither statement is correct, according to the Congressional Budget Office (CBO).

The CBO's projected 10-year deficit when Mr. Obama took office was actually $4.09 trillion. (Now, after 20 months of his presidency, the expected deficit has almost doubled, to $7.68 trillion.)

True enough, the outgoing Bush administration bequeathed big deficits to Mr. Obama. The expected 2009 deficit was $1.19 trillion, not $1.3 trillion, however and the actual deficit for 2009 came in at $1.41 trillion, meaning that the new president [ - Barak Hussein Obama - ] added some $220 billion to the total.

* AND OF COURSE WE MUST RECALL THAT BY THE END OF 2009 THE DEMOCRATS HAD CONTROLLED BOTH HOUSES OF CONGRESS FOR TWO YEARS.

Congress controls the purse strings. When Mrs. Pelosi and Mr. Reid rose to their present jobs in January 2007, the deficit was $161 billion. It had been on a downward trajectory from $413 billion in 2004. Three years later, the Pelosi-Reid Congress had added $1.2 trillion to the deficit.

* OH... AND BTW... WANNA BET THAT THEN-SENATOR OBAMA VOTED FOR EACH AND EVERY DOLLAR OF DEFICIT SPENDING/DEBT?

Of course, Mr. Bush sponsored or signed into law many of these deficit-raising bills, such as the bank bailouts and effective tax rebates of 2008. But the Democratic Congress passed them.

Long forgotten is the promise Mrs. Pelosi made on the day she became speaker: "Our new America will provide unlimited opportunity for future generations, not burden them with mountains of debt." I think future generations would like a do-over.

For the sake of comparison, let's look at the Pelosi-Reid fiscal record over 10 years. In January 2007, the CBO projected a $379 billion surplus over the next decade. Now, after four years under Mrs. Pelosi and Mr. Reid, and two years of Mr. Obama in the White House, the 2007-2016 projection is a deficit of $7.16 trillion.

This deterioration of the nation's fiscal situation is arguably the worst in United States history, and it was brought to us courtesy of a congressional leadership that pledged "pay as you go" budgeting to bring the budget into balance.

September 29, 2010 at 11:46 AM

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